The difficulties of criteria in finding a partner in Naturgy shake up the funds

As ABC has learned from various sources in the energy sector, the potential entry of new partners has not been discussed clearly, directly and decisively within the board of directors. It is true that this is an action that Criteria must carry out alone, but sources indicate that the search for “alternatives” has taken place without undue pressure. The facts are stubborn: almost two years later, it was the funds themselves that had to act.

The situation has not been easy for Criteria. When in 2024 the possibility of the entry of Taqa into the capital of the Spanish gas companyparallel to the activation of the anti-takeover shield – regardless of the extent to which the Emirati company came from the Catalan holding company – there was the problem of losing total control of a strategic company.

At that time, CVC (20%) and GIP (20%) already had control alongside the Australian fund IFM, the entry of Taqa was another twist. For this reason, the investment branch of La Caixa understood that in the future The potential partner should be closer to Spanish interests and, just as importantly, that he was not someone who would create a problem within the government.

This puzzle could not be reconstructed by Criteria. This is why we arrived at the current situation where the funds, BlackRock being the first, saw a window of opportunity due to the current market value of the company, and shortly after the self-takeover – which facilitated these types of moves – they started to move.

BlackRock, the first

The sale carried out by BlackRock constitutes a tailor-made glove for the projects of Naturgy and its main shareholder, Criteria Caixa. The gas company continues to relax the “float”, an issue that has put pressure on it in the stock markets and, in fact, that is why it had to launch the self-support of its capital. The holding company, for its part, has more room to maneuver with the gap that is being created within the Board, something that must be negotiated, but the most important thing is that it reduces the weight of shareholders and shows the exit door for CVC, which everyone is looking at at the moment.

Furthermore, the problem of Criteria’s search for a partner is that at the same time there had to be an exit movement since, precisely, the problem of the gas company was a participation with practically no capital that could circulate freely on the stock market.

Thus, now everything indicates, as explained by the sources consulted, that The criteria could evolve more easily seeking a partner once BlackRock begins its exit movement and, as ABC reported, is already exploring future windows of opportunity. But for the moment, the holding company prefers not to comment publicly on this situation.

Nor any of the other major shareholders. Even though all eyes are on HVACin this context, it has long been known that he will leave if an opportunity arises, but that he is currently comfortable in his position. Regarding IFMall pools indicate that, for the moment, its vocation is to remain within the gas company. We will now have to see how the question of the Board of Directors will be resolved, and what decision will be taken concerning one of the directors of BlackRock who, in principle, no longer corresponds to its weight in the capital.

This issue is expected to be addressed at the next Council meeting. Although it is not something urgent either, because for months this organization has been operating with one less member and there have been no major problems. SOit’s not extremely urgent address the changes now.